The Dubai Economic Security Centre, the Dubai Free Zones Council, and Emirates NBD have announced the signing of a strategic memorandum of understanding aimed at fostering collaborative efforts that will ease the investment journey and simplify business operations. This initiative supports the growth of the free zones in Dubai and aligns with the emirate’s commitment to advancing its economic framework and enhancing global competitiveness.
The signing ceremony featured esteemed officials including Faisal bin Sulaytian, CEO of the Dubai Economic Security Centre, Dr. Jumaa Al Matrooshi, Assistant Secretary-General of the Dubai Free Zones Council, and Marwan Hadi, Head of Retail Banking and Wealth Management at Emirates NBD. The agreement was officially signed by Dr. Abdullah Mohamed Al Ghafri, Deputy CEO of the Dubai Economic Security Centre, and Abdullah Al Banna, Head of the Licensing Committee at the Dubai Free Zones Council, along with Clyde Miranda, Head of the Retail Banking and Wealth Management Governance Group.
Under this memorandum, the parties will collaborate to develop and implement a range of strategic initiatives aimed at expediting the bank account setup process for investors. This will enhance the attractiveness of free zones and support the emirate’s economic development objectives. Moreover, such collaboration will solidify the role of free zones as key contributors to economic growth and prime attractors for investment, while also creating a comprehensive environment to foster business expansion and corporate growth.
The partnership will also involve the adoption and integration of advanced digital solutions and modern technologies to improve operational efficiency and enhance compliance with regulatory requirements, adhering to the highest global standards and practices. Furthermore, it aims to streamline processes across various domains, simplifying the investor experience post-company establishment, registration, trade transactions, and licensing, among other related activities. The parties will also share information and data to support the overarching goals of the initiative.
Faisal bin Sulaytian, CEO of the Dubai Economic Security Centre, expressed that this memorandum marks a significant strategic move towards enhancing institutional integration among stakeholders supporting the business and investment ecosystem in Dubai. He reaffirmed the Centre’s commitment to fostering a secure, sustainable economic framework grounded in innovation, efficiency, and transparency, adding that this collaboration will establish Dubai’s position as a leading global business and investment hub in line with its ambitious economic agenda.
In this context, Dr. Jumaa Al Matrooshi remarked that this memorandum aligns with the strategic objectives of the council, which aims to enhance the role of free zones in Dubai’s GDP, support economic growth and competitiveness, and provide attractive incentives for companies, investors, and entrepreneurs. He highlighted that the collaboration with the Dubai Economic Security Centre and Emirates NBD aims to advance a comprehensive project to develop key aspects of the free zone system, solidifying its leadership among the world’s top economic areas.
Similarly, Marwan Hadi, Head of Retail Banking and Wealth Management at Emirates NBD, stated that they are pleased to partner with the Dubai Economic Security Centre and the Dubai Free Zones Council in creating an infrastructure that enhances operational efficiency within the free zones. As a leading national bank with a long history of collaboration with several prominent entities, Emirates NBD is dedicated to facilitating business growth and speeding up investments in the UAE. In alignment with Dubai’s economic agenda, the bank takes pride in participating in another innovative initiative that reflects their collective commitment to improving Dubai’s business environment and enhancing the emirate’s global competitiveness.
Overall, this memorandum establishes a shared vision for nurturing an integrated and sustainable business environment in Dubai, fostering investor confidence and supporting sustainable economic growth, while aligning with Dubai’s ambitious aspirations to reinforce its position as a leading global business and investment hub.